Daily Overview of Global Markets & the SEE Region (Tuesday, December 19, 2017)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on December 19, 2017 at 11:17 AM

Dr. Platon , Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,



GLOBAL MARKETS: European equity markets were slightly stronger in early trade on Tuesday, taking their lead from the positive tone in Wall Street overnight where major stock indices hit fresh record highs, amid growing optimism about the approval of the tax reform bill by the Congress this week. In FX markets, the USD was modestly weaker on the day amid market uncertainty about the effect the awaited tax reform will have on the US economic growth outlook. Meanwhile, the GBP has failed to capitalize on the start of phase two of the Brexit negotiations presumably due to prevailing political rifts within the UK government. Turning to USTs and core euro area bond markets, yields were modestly higher on the day but still within recent tight ranges suggesting that investors are not expecting any abrupt monetary policy tightening by the Fed and/or the ECB any time soon. Looking at the remainder of the day, the main data releases include the US November housing starts and building permits for November.


CESEE MARKETS: Trailing gains in major global stock markets, the majority of emerging market bourses moved higher earlier on Tuesday on improving risk sentiment thanks to optimism about the prospects of the US tax reform.In FX markets, most regional currencies firmed in view of a modestly weaker US dollar. Focus today is on Hungary’s Central Bank monetary policy meeting.

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